Photo by Gintautas Degutis.
The electric car production unit alone experienced a loss of 1.3 billion during the three months of this year. USD loss before taxes and interest.
US car concern Ford Motor Co. earned 24% less net profit in the first quarter of the year than a year ago. First of all, this is explained by the still unprofitable electric car production unit, which forced the manufacturer to postpone part of the investment plans.
According to the company’s announcement, net profit fell from 1.757 billion. to 1.332 billion USD, sales revenue will grow by 3% to 42.8 billion. USD. Adjusted earnings per share rose to $0.49.
Wall Street analysts interviewed by FactSet agency had forecast an average of 42.9 billion. $0.43 in adjusted earnings per share.
At that time, the electric car production unit alone experienced a loss of 1.3 billion during the three months of this year. USD loss before taxes and interest.
Jim Farley, the company’s chief executive, described Ford’s electric car business as a “huge drag” after an oversupply in the market forced manufacturers to cut prices.
Although Ford has postponed part of its electric car production development plans, it plans to significantly increase the production of hybrid cars, predicting a 40% growth in demand for them this year.
Ford Motor’s capitalization increased by 14.2% to 51.5 billion in the last three months. USD.
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